AngioDynamics, Inc. (NASDAQ:ANGO), a leading provider of innovative, minimally invasive medical devices for vascular access, surgery, peripheral vascular disease and oncology.
The Company reported on Monday its preliminary unaudited financial results for the fiscal 2011 fourth quarter, apart from a transition in company leadership and its IDE filing for the NanoKnife® System study in pancreatic cancer.
It projects its fourth quarter net sales to be nearly $56.4 million against fourth quarter 2010 net sales of $60.3 million. Moreover NanoKnife System sales are anticipated to be nearly $2.7 million against $1.9 million in the preceding quarter and $1.0 million in the prior year fourth quarter. It had earlier provided guidance for fiscal 2011 that resulted in a fourth quarter revenue outlook in between $57.5 and $60.5 million.
Net sales are projected to be flat for the entire fiscal year, against 2010 at $216.0 million. Against this, NanoKnife System sales rose to $7.3 million from $2.5 million in fiscal 2010.
Oncology/Surgery sales rose nearly 11% for the fiscal fourth quarter of 2011, from fourth quarter 2010 to about $18.5 million. Its vascular sales reduced about 13% to $37.9 million. Its international sales in the fourth quarter rose 28% nearing $7.9 million from the prior year period, and domestic sales of about $48.5 million declined 10% from the prior year period.
However its final results for the fiscal fourth quarter and full year 2011 are likely to be released on July 14, 2011.
The Company also reported that Jan Keltjens has resigned as President, Chief Executive Officer and a member of the Board of Directors. An effort for his replacement is being undertaken. Mr. Keltjens resignation shall be effective instsantly, while Scott Solano, AngioDynamics’ Senior Vice President and Chief Technology Officer, shall serve as the Company’s interim CEO until the appointment of a new CEO.
The shares of the Company are trading at $13.72 after falling 5.83%. At this price the Company’s market cap amounted to $342.92 million with price earnings of 27.07. It so far trades in the range of $ 12.91 – 14.20, creating a 52-week low at $12.91.